Even with a strong economy, many people in Mississippi continue to experience serious financial pressures. As the holiday shopping season has now passed, now may be the time you decide to sit and take stock of your debt inventory. If you believe that filing for bankruptcy may be the best way for you to get the financial fresh start you are looking for, you will want to learn about the different types of debt and how that may direct what type of bankruptcy is best for you.
It is easy to think that you are unique in your struggles with debt. This may prompt you to shy away from seeking advice and assistance from others in Jackson due to the perceived stigma associated with financial troubles. Many clients have come to us here at the Pond Law Firm with the same assumption only to be surprised to discover that many people grapple with the same issues. Just as you are not alone in dealing with debt, you are also not without ways to overcome it. After evaluating your options, you might just discover that a Chapter 7 bankruptcy gives you your best chance at re-establishing yourself on firm financial footing.
For many individuals who consider filing bankruptcy, there is a concern that they will lose their property - particularly their home. While other assets can be replenished over time, a house typically comes with emotional attachments that are irreplaceable and difficult to lose.
When Mississippi residents like you are struggling with debt, you may be tempted to take any road you can to dig yourself out of it. Fortunately, the Pond Law Firm is here to offer a helping hand. For example, if you're looking into Chapter 7 bankruptcy, we provide you with what you need to know to decide if it's truly a good fit for your lifestyle.
When residents of Mississippi struggle with debts and begin to consider declaring bankruptcy, they have two main options. The first is Chapter 7, colloquially known as liquidation bankruptcy. The second is Chapter 13, commonly called wage earner's bankruptcy. Looking at Chapter 13 specifically, how will you know if it's a good fit for you?
If you face serious personal debt and need help creating some breathing room to get control of your finances, a Chapter 13 bankruptcy may offer what you need. Chapter 13 operates unlike other forms of bankruptcy that require a people to liquidate most or all of their personal assets to pay off whatever debts they can. Instead, Chapter 13 allows those who qualify to create a plan to pay off their debt over time, using existing income.